Whether you want to buy a new home, refinance your mortgage, or are considering a reverse mortgage, we can help.
Wherever you are on your mortgage journey, we’re with you every step of the way.
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Knowledge is power. Our goal is to empower you with plenty of resources like blogs, guides, videos and, of course, in-person consultations. When you’re ready, explore our content for an overview of the mortgage process, and start mapping out your journey.
Pre-qualification marks the first step on the road to your new home. During this part of the process, we look at your finances and the larger picture to give you an idea of the amount for which you qualify.
There are more ways than one to get inside your new home. At Open Mortgage we offer loan programs for a wide range of incomes, down payment sizes, and goals. Together we can explore all the options, and determine what works best for you.
You’re pre-qualified and ready to put in the full application. Our application process is designed to be as thorough as possible on the front end as we gather all necessary information for loan approval. Your loan originator will contact you to go over all available options.
Your loan originator will ensure you have all the necessary documents, such as W-2s, pay stubs, bank statements, and employment history. Having these items handy will help the process flow with fewer interruptions.
Getting an unbiased appraisal of your potential property’s value will ensure your loan request is appropriate, and in your best interests.
After your application has been submitted, it must be processed en route to being approved. At this stage, our processors prepare and double-check your documentation before sending it to the underwriter. If documentation is incomplete, the processor or loan originator may contact you for additional information.
When your loan goes to underwriting, there is a final review of any submitted items as well as your application. Your processor or loan originator may contact you for additional information or clarification if anything should arise.
In this final step, we work with our closing department to gather paperwork and confirm the total funds needed for closing day. When everything is reviewed and approved, there’s just one thing left: Your signature. Once your loan has funded, then it’s time to pick up the keys to your new home.
Our services extend beyond the mortgage process. Open Mortgage offers tips and advice regarding home improvement as well as refinancing mortgage rates. No matter which path you take, we’ll be here to guide you.
For more information please contact us via phone, email, or follow us on social media.
Your journey to a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, should start with research. Informed decisions are good decisions, which is why we take great care in creating our blogs, videos and e-Guide. Learn about the advantages and disadvantages of a reverse mortgage in a way that’s easy to understand.
HECM counseling is required before applying for a reverse mortgage. Our loan originators will provide you with a list of HUD Certified Housing Counselors, and will be available to answer your questions. The advice you receive will put you on a path to choosing the right reverse mortgage.
There are more ways than one to use a Home Equity Conversion Mortgage. At Open Mortgage, we offer programs that could help you achieve your financial and life goals, and together, we’ll explore the best options for your specific situation.
When you’ve decided you’re ready for a reverse mortgage, we will provide you with a 1009 application. Congratulations! You’ve taken a big step in securing your future.
The guidelines for applying for a reverse mortgage are simple: Date of birth (borrowers must be 62-years or older), social security number, income (pension, tax returns, etc.), a copy of property taxes and a copy of homeowners insurance.
In order to asses the loan you qualify for, your home must first be appraised. An appraisal will give Open Mortgage an unbiased estimate of your home’s value and ensure that your requested loan amount is appropriate.
After your application has been submitted, it must be processed en route to being approved. Our processors prepare and double-check your documentation before sending it to the underwriter. We aim to process your loan application as quickly as possible, so you can receive your loan quickly and rest easy. Therefore, getting any requested documentation to your loan originator or processor as quickly as possible is key.
As you near the end of the your journey, the second to last stop rests with the underwriter, who takes a final review of all the items submitted, along with the application, and makes sure everything is in order to receive your loan. They examine documents quickly but carefully, and respond in a timely manner once approved.
It’s the big day. We work with our closing department to gather paperwork and confirm all the details. When everything has been reviewed and approved, there’s just one thing left: Your signature.
Our services extend beyond the mortgage process. Open Mortgage offers tips and advice regarding home improvement, retirement and aging in place. No matter where you’re headed, we’re here to guide you.
Things to know about Reverse Mortgages:
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